ECCB 2017-2018 Annual Report and Statement of Accounts

156 Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) ECCB ANNUAL REPORT 2017/2018 Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) 23. Contingencies and commitments ...continued Pending litigation ...continued (expressed in Eastern Caribbean dollars) 23. Contingencies and commitments ...continued Pending litigation ...continued

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2018

2) Summons in a civil action (No. 3:13-cv-00762-n) between: the Official Stanford Investors Committee (Plaintiff) and Bank of Antigua, Eastern Caribbean Central Bank, Antigua Commercial Bank, St. Kitts- Nevis-Anguilla National Bank Ltd, Eastern Caribbean Financial Holdings Company Ltd, National Commercial Bank (SVG) Ltd, Eastern Caribbean (Defendants) is pending before the United States District Court for the Northern District of Texas, Dallas Division. The Plaintiff is seeking inter alia: (i) An award of damages; (ii) An order for the avoidance of fraudulent transfers; (iii) An accounting as to the value of the Bank of Antigua. On 26 March 2015, the Eastern Caribbean Central Bank (“the Bank”) filed a motion to have the matter dismissed for lack of subject matter jurisdiction and personal jurisdiction. The Plaintiff has filed its response to the motion to dismiss and the Bank has filed reply. The motion is now fully briefed and the parties await a ruling on that motion. 3) Claim No. ANUHCV2015/0518 Between: Sylvia O’Mard (Claimant/Applicant) and ABI Bank Ltd, Eastern Caribbean Central Bank and Dwight Venner (the Defendants/Respondents). On September 28, 2015, Ms Sylvia O’Mard (“the Applicant”) filed a fixed date claim against the ABI Bank Ltd, Eastern Caribbean Central Bank and Dwight Venner (“the Respondents”). The Applicant sought, among other things: (i) A declaration that Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement is unconstitutional; (ii) A declaration that the actions of the Respondents in failing to release funds due to the Applicant and held at the first-named Respondent amounted to a breach of the Applicant’s constitutional rights; (iii) An order for recovery of all sums demanded by the Applicant; (iv) An order for restitution. By Notice of Application filed on November 18, 2015 the Respondents applied to the Court for an Order declaring that the Court has no jurisdiction to try the claim as filed. The Court ordered a hearing of the Notice of Application including arguments in relation to the constitutionality of Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement on December 15, 2015. Following the hearing on December 15, 2015, the Court, on December 22, 2015, delivered its decision on the preliminary issue in favour of the Respondents dismissing the claim of the Applicant. 2) Summons in a civil action (No. 3:13-cv-00762-n) between: the Official Stanford Investors Committee (Plaintiff) a d Bank of Antigua, Eastern Caribbean C ntral Bank, Antigua Commercial Bank, St. Kitts- Nev s-Anguilla Nati nal Bank Ltd, Eastern C ribb an Fin cial Holdings Company Ltd National Commercial B nk (SVG) Ltd, Eastern C ribbean (Defendants) is pending before the United S ates District urt for the Northern District of Texas, Dallas Divisio . The Plaintiff is seeking inter alia: (i) An award of damages; (ii) An order for the avoidance of fraudulent transfers; (iii) An accounting as to the value of the Bank of Antigua. On 26 March 2015, the Eastern Caribbean Central Bank (“the Bank”) filed a motion to have the matter dismissed for lack of subject matter jurisdiction and personal jurisdiction. The Plaintiff has filed its response to the motion to dismiss and the Bank has filed reply. The motion is now fully briefed and the parties await a ruling on that otion. 3) Claim No. ANUHCV2015/0518 Between: Sylvia O’Mard (Claimant/Applicant) and ABI Bank Ltd, Eastern Caribbean entral Bank and Dwight Venner (the Defendants/Respondents). On September 28, 2015, Ms Sylvia O’Mard (“the Applicant”) filed a fixed date claim against the ABI Bank Ltd, Eastern Caribbean Central Bank and Dwight Venner (“the Respondents”). The Applicant sought, among other things: (i) A declaration that Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement is unconstitutional; (ii) A declaration that the actions of the Respondents in failing to release funds due to the Applicant and held at the first-named Respondent amounted to a breach of the Applicant’s constitutional rights; (iii) An order for recovery of all sums demanded by the Applicant; (iv) An order for restitution. By Notice of Application filed on November 18, 2015 the Respondents applied to the Court for an Order declaring that the Court has no jurisdiction to try the claim a file . The Court rd red a hea ing of the Notice of Applicati n including arguments in relation to the constitutionality of Article 5C(5)(a) Eastern Caribbean Central Ba k A reement on December 15, 2015. Following the hearing on December 15, 2015, the Court, o December 22, 2015, delivered its decision on the prel minary issue in favour of the Respondents dismissi g the claim of the Applicant.

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